Archive: December 16, 2007 - December 22, 2007

Early Briefing

*Fannie Mae of the District said the value of its mortgage portfolio fell 15.6 percent in November, to $722 billion from $732.3 billion in October. *Esmark, whose attempt to buy ArcelorMittal's Sparrows Point steel plant for $1.35 billion was terminated this week, said it has found new investors for a...

By Terri Rupar | December 22, 2007; 5:00 AM ET | Comments (0)

FBR Mulls Its Alternatives

Turmoil in the credit markets is roiling Arlington's Friedman, Billings Ramsey Group. The investment bank said it will recognize $18 million in losses following the sale of $153 million in mortgage loans and pursue other unspecified "strategic alternatives" in the future. The company said in a statement that its board...

By Dan Beyers | December 21, 2007; 8:28 AM ET | Comments (0)

Circuit City's Losses Widen

Circuit City's woes continue. Here's the Associated Press report on its earnings: RICHMOND, Va. -- Electronics retailer Circuit City Stores Inc. on Friday reported a wider-than-expected loss for the third quarter, driven by lower extended warranty sales and restructuring costs. Circuit City shares fell 21 percent to $5.30 in...

By Dan Beyers | December 21, 2007; 8:19 AM ET | Comments (0)

Early Briefing: Raines Loses Bid For White House Docs

Investors have accused Franklin D. Raines, former Fannie Mae chairman, of securities fraud. (By Chris Kleponis -- Bloomberg News) *A judge dismissed former Fannie Mae chairman Franklin D. Raines's subpoena of White House records, saying he was not convinced that a search of the records would turn up evidence...

By Terri Rupar | December 21, 2007; 5:00 AM ET | Comments (0)

Commercial Real Estate: Something New for Dulles

Technology company GTSI has agreed to move its headquarters next year from Chantilly to a new building in Herndon, providing a shot in the arm to the Dulles commercial real estate market, which has seen a surge of speculative construction over the past few years. GTSI, which sells furbished computers,...

By Mike Shepard | December 20, 2007; 2:55 PM ET | Comments (0)

Sunrise Ousts More Execs Over Accounting Woes

From the Associated Press: Sunrise Senior Living Inc., which operates senior-residential facilities, said Thursday it has terminated multiple senior finance executives after an investigation found evidence of inappropriate accounting between the third quarter of 2003 and the end of 2005. Thomas Newell, president since 2000; Larry Hulse, chief executive of...

By Dan Beyers | December 20, 2007; 11:15 AM ET | Comments (0)

Early Briefing: Lord's Obscenity

CEO Albert Lord said Sallie Mae needs to get into "growth mode." *A conference call with Sallie Mae Chairman Albert Lord came to an unexpectedly quick conclusion after he offered few details about how he plans to achieve goals, few questions were asked and participants heard him utter a...

By Terri Rupar | December 20, 2007; 5:00 AM ET | Comments (0)

Early Briefing: Aggressive Hospitality

*"Aggressive hospitality" is how the manager of the Sam's Club in Laurel described his store's approach, as staff writer Ylan Mui learned when she spent a day behind the counter there. See story *Human Genome Sciences of Rockville cleared a significant hurdle when its experimental treatment for anthrax infection, ABthrax,...

By Terri Rupar | December 19, 2007; 5:00 AM ET | Comments (0)

Hesse To Take Over As Sprint's CEO

Sprint Nextel's new chief executive, industry veteran Daniel R. Hesse, may bring serious change to the struggling wireless carrier, saying he will reevaluate its controversial high-speed Internet strategy and consider moving the company's headquarters from Reston. Hesse, 54, yesterday took the helm of the country's third-largest wireless company, a position...

By Dan Beyers | December 18, 2007; 7:46 AM ET | Comments (1)

Early Briefing: AOL Cuts Back On Local Donations

Here's some of the local business stories in today's newspaper: AOL stopped its annual pledge to Greater D.C. Cares and cut funding of the Loudoun Summer Music Fest. (Photo By Tracy A. Woodward -- The Washington Post) * AOL is scaling back its philanthropic contributions in the Washington region as...

By Dan Beyers | December 18, 2007; 7:13 AM ET | Comments (1)

Social Networking For Social Causes

Can the world of Web 2.0 startups -- the jeans and t-shirts, the funky furniture, the social networking and viral marketing, the desire to make millions with the Next Great Idea -- transform the world of philanthropy? That's a question we ask today in a story about a District startup...

By Dan Beyers | December 17, 2007; 7:10 AM ET | Comments (3)

Wireless Startup Announces $1 Million in Funding

A Reston wireless services company that specializes in location-based services announced today a $1 million investment from several notable names in the Washington business community. SquareLoop's service sends information to a mobile phone based on one's location. If users sign up for the service through their wireless provider, they can...

By Mike Shepard | December 17, 2007; 12:20 AM ET | Comments (1)

Early Briefing: Local Budget Feeling The Pinch

Here's some of the local business stories that ran in this morning's newspaper: * Local government budgets are feeling the pinch of the housing downturn, which has started to dry up key sources of revenue. Some jurisdictions - including Fairfax, Montgomery and Prince William counties - are already running deficits....

By Mike Shepard | December 16, 2007; 11:14 PM ET | Comments (0)

 
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